ATLANTA (AP) -- Oxford Industries Inc. said Monday that J. Hicks Lanier, CEO of the clothing company, is retiring at the end of the year.
Lanier, 72, has worked for the company for 48 years been its CEO for 35 years. He will continue to serve as chairman of the board after his retirement.
Oxford said that Thomas Chubb III, president and a current member of the board, has been named CEO and president of the company beginning Jan. 1.
Chubb, 48, started at Oxford as a summer intern in 1988 and joined the company full time as an in-house attorney in 1989. He worked his way up through the company and was named to his current position in 2009. He was elected to the company's board in June.
Oxford, based in Atlanta, owns clothing brands such as Tommy Bahama and Lilly Pulitzer. It also produces and sells certain products under the Kenneth Cole, Dockers and other labels.
Shares of the company fell 70 cents to close at $55.94. The stock has a 52-week range of $33.61 to $59.36.